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Transaction Tax Bill has now been introduced
- Thread starter Bullet
- Start date
Quote from Bullet:
Let Wall Street Pay for Wall Street's Bailout Act of 2009 (Introduced in House)
HR 1068 IH
To amend the Internal Revenue Code of 1986 to impose a tax on certain securities transactions to the extent required to recoup the net cost of the Troubled Asset Relief Program.
IN THE HOUSE OF REPRESENTATIVES
February 13, 2009
Mr. DEFAZIO (for himself, Mr. WELCH, Ms. SUTTON, Mr. CAPUANO, Mr. WU, Mr. STARK, Ms. DELAURO, and Ms. EDWARDS of Maryland) introduced the following bill; which was referred to the Committee on Ways and Means
http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.1068.IH:
Welcome to America...or at least what's left of it! How exactly did short term traders take down the financial system...oh yeah, from scalping GS and AAPL
markets flat. A big yaaawn.
America is on the up and up. If you don;t like it leave.
i still say the most effective means, are the inncent large organizations that will be hurt by thiis
CME, charles Schwabb, IB etc, had nothing to do with the TARP business
In the case of CME/IB, you're raising the transaction cost 40 times on an e-mini
that's not an increase in cost, it's an end to it, becase people wont trade 1/40th as much they'll QUIT
the principals on which the CME were created, farm commodity liquidity, werent created in the 1990s, or even the 1890s - they existed long before - there were ruinous grain liquity problems prior to these exchanges. not that industies PR should be taken only at face value, but society should at least glance at the freaking brochure (and ask 'is it true')before slamming a 140 year old industry out of existence
and it cant exist without traders - period
this proposal would put CME out of business - it cant exist without speculators - speculators are what give the commodities liquity - there's no substitute
in my opinion CME actually IS manageing risk (by providing liquitiy) as it's supposed to do
and if you take their law abiding participants out and shoot them, it cant provide that punction any more
CME, charles Schwabb, IB etc, had nothing to do with the TARP business
In the case of CME/IB, you're raising the transaction cost 40 times on an e-mini
that's not an increase in cost, it's an end to it, becase people wont trade 1/40th as much they'll QUIT
the principals on which the CME were created, farm commodity liquidity, werent created in the 1990s, or even the 1890s - they existed long before - there were ruinous grain liquity problems prior to these exchanges. not that industies PR should be taken only at face value, but society should at least glance at the freaking brochure (and ask 'is it true')before slamming a 140 year old industry out of existence
and it cant exist without traders - period
this proposal would put CME out of business - it cant exist without speculators - speculators are what give the commodities liquity - there's no substitute
in my opinion CME actually IS manageing risk (by providing liquitiy) as it's supposed to do
and if you take their law abiding participants out and shoot them, it cant provide that punction any more
Quote from stock_trad3r:
markets flat. A big yaaawn.
America is on the up and up. If you don;t like it leave.
9500 dumb ass posts, dumping your asinine bullshit into every serious discussion - you dont even rate a decent troller - you're not clever, you're not original - you're just stupid and frequent
fucking retard - on ignore
Quote from Klamath:
Well, 1/4 percent out plus 1/4 back in, so a half percent every time you turn over your portfolio, say 2.5 times a year, times ten years = 12.5%, right?
My portfolio is let's say $10,000.
Daily tax is (0.25% + 0.25%) / 100 * $10,000 = $50 a day. Right?
If I trade every day it's $50 * 250 trading days per year = $12,500.
Why do I have over 100% of my capital in a year in my calculations? Where do we differ?
What do you mean by "2.5 times a year"?
Quote from gkishot:
My portfolio is let's say $10,000.
Daily tax is (0.25% + 0.25%) / 100 * $10,000 = $50 a day. Right?
If I trade every day it's $50 * 250 trading days per year = $12,500.
Why do I have over 100% of my capital in a year in my calculations? Where do we differ?
I was speaking of "active investors" who only turn their portfolio over a few times a year, not every day.
Not too many people are sympathetic to "speculators" who trade every day, but there are lots of people who buy RIMM for a couple of months, then sell it and buy BIDU etc etc. I'm just saying that we need to point out this tax will cost them a lot too.
Quote from nesyo03:
Say this bill gets passed half way through the year. Would we still have to pay transaction taxes on the first part of the year even though the bill has not yet been passed?
http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.1068.IH:
From above:
subchapter c. tax on securities transactions'.
(c) Effective Date- The amendments made by this section shall apply to sales occurring more than 30 days after the date of the enactment of this Act.
Quote from wjk:
http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.1068.IH:
From above:
subchapter c. tax on securities transactions'.
(c) Effective Date- The amendments made by this section shall apply to sales occurring more than 30 days after the date of the enactment of this Act.
at least it istn retroactive
that would be 'check mate' for a lot of people already